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Caption: Board of Trustees Minutes - 1942
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170 STUDENT LOANS BOARD OF TRUSTEES [January 22 PERSONS IN MILITARY SERVICE Mr. Karraker, for the Finance Committee, recommended the adoption of the following statement of policy. All members of the armed forces of the United States who are obligated to the University of Illinois student loan funds may, when necessary, have an adjustment made in their programs of payment to be effective during their periods of active duty. Individual cases will be decided on their merit, but in no cases will interest payments be suspended, and in only extremely needy cases will principal payments be reduced to as low as one dollar a month. On motion of Mr. Karraker, this statement of policy was adopted. At this point, Mr. Mayer took his place with the Board. RETIREMENT SYSTEM Mr. Karraker also presented the following report. The Finance Committee reports progress on the study of changes in the Retirement and Death Benefit System referred to it by the Board some time ago. It requests authority to engage Arthur S. Hansen, consulting actuary, to assist the faculty committee in its studies. Mr. Hansen is also assisting the Illinois Legislative Council in a study of a pension plan for State employees. It also requests an additional appropriation of $1,500 to meet this and other expenses of the study. On motion of Mr. Mayer, these recommendations were adopted, and the appropriation was made, by the following vote: Aye, Mr. Cleary, Mr. Davis, Mr. Jensen, Mr. Karraker, Mr. Mayer, Dr. Meyer, Mr. Pogue; no, none; absent, Mr. Adams, Mr. Green, Mrs. Plumb, Mr. Wieland. CARTER-PENNELL FARMS Dr. Meyer, for the Committee on Agriculture, reported a recommendation that the report of the operation of the Carter-Pennell Farms for the year ending February 29, 1940, be approved, and that $1,000 of the cash balance be transferred to the student loan fund in accordance with the wishes of Mr. and Mrs. Carter, a reserve of $1,000 be carried in the operating account, and the remainder be used for replacements and repairs, as recommended in the report. On motion of Dr. Meyer, these recommendations were approved. MATTERS PRESENTED BY PRESIDENT WILLARD The Board resumed consideration of matters presented by the President of the University. FIRE PREVENTION O N URBANA CAMPUS (33) The National Board of Fire Underwriters Committee on Fire Prevention and Engineering Standards has issued a report (Report No. 295) on the Cities of Champaign and Urbana, including the University of Illinois. Since the receipt of that report, the Physical Plant Department has been estimating the cost of the specific recommendations with the intention of submitting its comments and estimates on the proposal of the National Board. In the meantime, however, it has received a report from the Western Factory Insurance Association on the improvements necessary if fire insurance is carried on all University buildings. The inspection of University buildings by the Western Factory Insurance Association was made with University permission but at the suggestion of the Association. The cost of meeting the recommendations of the National Board of Fire Underwriters and the Western Factory Insurance Association is so great that it raises again the question of whether or not the University should maintain an
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